Southeast Asia´s biggest developer posted a net loss of S$156.9 million in the second quarter of 2009 after tax and minority interest compared to a profit of $515.2 million in the same period last year.
CapitaLand said the second quarter loss was due to the revaluations and impairment provisions it had taken in Singapore and overseas during the period as valuations declined due to the unprecedented global economic crisis.
CapitaLand said it had taken revaluations and impairment provisions primarily related to its Singapore office portfolio, real estate assets in Australia and the former Char Yong Gardens site in Singapore.
These include CapitaLand’s share of CapitaCommercial Trust’s revaluation losses. Continue reading
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